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12-03-2014, 12:01 AM | #2251 |
Scooby Guru
Member#: 692
Join Date: Dec 1999
Chapter/Region:
SCIC
Vehicle:2021 Tacoma TRD Pro White |
SCIC. I'm looking for a house now but I'm torn if its smart to buy after the run up we had.
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12-03-2014, 10:13 AM | #2252 |
Scooby Newbie
Member#: 253380
Join Date: Jul 2010
Chapter/Region:
Tri-State
Location: NJ / NYC
Vehicle:02 WRX |
Does anyone buy properties in poor neighborhoods for cheap, fix them up, rent them out to questionable people and hope for the best?
I have some money saved up and pretty familiar with doing renovations that I could fix a completely run down place up. There are areas by us that are really cheap for multi family housing. The area has absolutely no hope of ever becoming better, it will simply stay a run down for the rest of it's days, resulting in the low prices. I know of two people that keep snatching these properties up (one guy has 300+ units), and doing the minimum, renting them out. It seems like they will often get section 8, which at least you're guaranteed the money every month, and probably the only way to do it. Is there any method or paper avenues you have to take to be able to rent to section 8 tenants? I think I'm considering looking into this, but would have to really detach my mindset from caring about the property or what the tenants do. The ROI also seems much better buying and renting in this area than a nicer area, but there wont be any property appreciation in the end. Otherwise I'm considering looking into Newark again. If anyone is familiar with NJ and wants to chime in. I know it's bad, they've been trying to make it better, I think it will be a very, very slow road but should start to get better. |
12-03-2014, 10:18 AM | #2253 | |
Scooby Newbie
Member#: 95104
Join Date: Sep 2005
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Quote:
I've heard horror stories about tenants wrecking the places, but, you're only spending a few grand (typically) to bring them back up to code. He's got around 50 units waiting on renovation. YMMV |
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12-03-2014, 10:19 AM | #2254 |
Scooby Specialist
Member#: 32342
Join Date: Jan 2003
Chapter/Region:
International
Vehicle:13 BubblePrius 00 F150 |
300+ houses?
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12-03-2014, 10:21 AM | #2255 | |
Scooby Newbie
Member#: 253380
Join Date: Jul 2010
Chapter/Region:
Tri-State
Location: NJ / NYC
Vehicle:02 WRX |
Quote:
For my mom to buy in a poor neighborhood and take that risk of them wrecking the house and her having to pay a contractor to fix it, it wouldn't be worth the risk. But if you know what you're doing, cheap labor, contractor grade cheap **** materials, it doesn't cost all that much to fix, unless they really go ape **** on your place. |
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12-03-2014, 10:22 AM | #2256 |
Scooby Newbie
Member#: 253380
Join Date: Jul 2010
Chapter/Region:
Tri-State
Location: NJ / NYC
Vehicle:02 WRX |
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12-03-2014, 10:33 AM | #2257 | |
Scooby Newbie
Member#: 95104
Join Date: Sep 2005
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Quote:
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12-03-2014, 10:55 AM | #2258 |
Scooby Specialist
Member#: 163519
Join Date: Nov 2007
Chapter/Region:
MAIC
Location: Richmond, VA
Vehicle:2023 GT4RS/GT3/S4 Blue/Grey/Blue |
I've been trying to get into this. I've been helping other people flip and buy investment houses so much lately that I figure why not do it myself. I have access to all the homes for sale and can make real estate commissions when I buy them to go towards fixing them up.
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12-03-2014, 11:13 AM | #2259 |
Scooby Newbie
Member#: 13772
Join Date: Dec 2001
Chapter/Region:
RMIC
Location: -=OT SQUIRREL HERDER=-
Vehicle:16 Frontier Red |
Other option is handing the property over to a management company. You buy the property, pay for repairs, they fix, maintain, collect rent, etc. You don't make as much money but also have a lot less headaches.
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12-03-2014, 11:38 AM | #2260 | |
Scooby Newbie
Member#: 253380
Join Date: Jul 2010
Chapter/Region:
Tri-State
Location: NJ / NYC
Vehicle:02 WRX |
Quote:
You're right about this. My mom works for a management company, and I did for a while one summer as well. About ~$100 per unit seems to be the rate round here, and certainly something to consider down the road. I would think its a smart move to do it that way rather than have the owner be so hands on in a run down area. I feel shady tenants would really exploit that somehow. Hell, right now being the home owner and having tenants/friends live in there is just a mess of a situation for me. |
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12-03-2014, 02:03 PM | #2261 |
Scooby Newbie
Member#: 150388
Join Date: Jun 2007
Chapter/Region:
SCIC
Vehicle:'14 FXT |
On topic, from personal finance thread. I was wrong about timing, interest rates have not gone up as I expected.
Quote:
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12-03-2014, 02:03 PM | #2262 | |
Scooby Specialist
Member#: 19652
Join Date: Jun 2002
Chapter/Region:
TXIC
Location: Texas
Vehicle:1990 GTR 2006 Range Rover Sport |
Quote:
My problem was the house constantly needed repairs and it was a 4hr drive away, so I always had to pay top dollar for simple one-off repairs. We sold it and took our profit even though we could have made much more renting it out for a few more years. |
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12-03-2014, 02:17 PM | #2263 |
Scooby Newbie
Member#: 106431
Join Date: Jan 2006
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12-03-2014, 04:35 PM | #2264 |
Scooby Guru
Member#: 92634
Join Date: Aug 2005
Chapter/Region:
RMIC
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02-18-2015, 09:48 AM | #2265 |
Scooby Specialist
Member#: 10788
Join Date: Oct 2001
Chapter/Region:
RMIC
Location: Castle Rock, CO
Vehicle:2019 Tesla Model 3 Midnight Silver Metallic |
Getting ready to sell my condo, and my current tenants mentioned that they may want to buy it. I haven't signed with a real estate agent yet (was planning on doing this next week).
How can I sell the condo to them without using a realtor? From my limited research (so far) on the matter, it looks like it could be done with just a real estate lawyer to write a good contract, and a title company. Anyone more experienced than I in this matter? |
02-18-2015, 10:21 AM | #2266 | |
Scooby Newbie
Member#: 47982
Join Date: Nov 2003
Chapter/Region:
Tri-State
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Quote:
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02-18-2015, 10:32 AM | #2267 |
Scooby Specialist
Member#: 10788
Join Date: Oct 2001
Chapter/Region:
RMIC
Location: Castle Rock, CO
Vehicle:2019 Tesla Model 3 Midnight Silver Metallic |
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02-18-2015, 10:47 AM | #2268 |
Scooby Newbie
Member#: 26368
Join Date: Oct 2002
Chapter/Region:
South East
Location: High Point,NC
Vehicle:2001 2.5RS-N BRP |
I bought my house "For Sale By Owner" and it went very smoothly. We wrote a contract at his kitchen table that we felt covered both of us. Put in there what he agreed to leave; blinds, fridge, washer and dryer, ect... I took the contract to the owner of my company at the time. He laughed and said as long as neither of you back out it's as good as any lawyer mumbo jumbo. Worked out great for both of us. Took it to a lawyer at closing and signed all the paperwork. Done and done
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02-18-2015, 12:40 PM | #2269 |
Scooby Specialist
Member#: 91208
Join Date: Jul 2005
Chapter/Region:
SCIC
Location: SoCal
Vehicle:'16 GTI & '14 WK2 |
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02-18-2015, 01:06 PM | #2270 | |
Scooby Specialist
Member#: 163519
Join Date: Nov 2007
Chapter/Region:
MAIC
Location: Richmond, VA
Vehicle:2023 GT4RS/GT3/S4 Blue/Grey/Blue |
Quote:
If it was a stranger coming in off the streets I'd be inclined to tell you to have an agent at least represent one end of the deal. |
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02-28-2015, 11:13 PM | #2271 |
Scooby Specialist
Member#: 26315
Join Date: Oct 2002
Chapter/Region:
BAIC
Location: On the grassy knoll.
Vehicle:07 Outback Silver/Silver |
Yup. Back to going up and out of control. Bid 26K over asking + willing to eat 2K of repairs in the sellers bug report. 18 offers and I was not on top.
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03-01-2015, 12:39 AM | #2272 |
Scooby Guru
Member#: 133597
Join Date: Nov 2006
Chapter/Region:
SCIC
Location: Orange
|
Meh... A lot of it isn't necessarily how much your willing to bid, but your terms.
Ie: You can bid $20k over but if somebody else is putting $200k down in cash and can close in 15 days, but is only offering the asking price vs. somebody putting $20k down with questionable financing offering $20k over. Guess who they're going to pick? |
03-01-2015, 01:00 AM | #2273 |
Scooby Newbie
Member#: 15553
Join Date: Feb 2002
Chapter/Region:
TXIC
Location: Austin, Texas
Vehicle:'19 Shelby GT350 Tesla MYP/22 Ram 2500 LL |
Tell that to the people we tried buying this land from last spring. All cash, close in two weeks... Granted, we wanted a break on the price because they were asking $40k more than market, but had a higher offer with financing.
Guess what? That land is still for sale and we bought another property which our custom home is nearing completion. |
03-01-2015, 11:41 AM | #2274 | |
Scooby Specialist
Member#: 26315
Join Date: Oct 2002
Chapter/Region:
BAIC
Location: On the grassy knoll.
Vehicle:07 Outback Silver/Silver |
Quote:
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03-01-2015, 11:47 AM | #2275 | |
Scooby Specialist
Member#: 26315
Join Date: Oct 2002
Chapter/Region:
BAIC
Location: On the grassy knoll.
Vehicle:07 Outback Silver/Silver |
Quote:
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